C-77.1 - Aquaculture Credit Act

Section 34 Disposition versions

2999-12-31

34. Where, to the knowledge of the Office, a borrower who has received a loan to which the grant provided for in section 27 or in section 28 applies fails to comply with the provisions of this Act, the payment of any instalment due in respect of the grant is deferred to the date when it is proved to the Office that the default has been remedied. However, if 3 years lapse before the default is remedied, the borrower forfeits any right to receive any deferred payment or unpaid payment in respect of the grant for the remainder of the period of 5 years provided for in section 31 or, as the case may be, for the unexpired period of the term contemplated in the second paragraph of section 28.

1984, c. 21, s. 34.